Tax Bar Association Jodhpur (Rajasthan) has written a letter to DC (Administration), Jodhpur and requested for extension of Date for Phase-I of ‘Rajasthan Amnesty Scheme-2021’ from 30th April 2021 to 31st July 2021. Date: 09/06/2021 To, DC (Administration) Jodhpur Hon’ble Sir, Greetings of the Day! Sub: Request to extend of Date for Phase-I of “Amnesty […]
Tax Practitioners’ Association, Indore – Team TPA has released Advisory on Section 194Q (TDS on Goods) and TDS on non Income Tax Return Filers filers. Full Text of the Advisory is as follows:- TDS on purchase of Goods – Section 194Q (Applicable w.e.f. 1st July, 2021) Finance Act 2021 has introduced new provision which requires […]
everting to the CUP method applied by assessee as the most appropriate method for benchmarking the SDT of rent payment, assessee had given a comparable instance of rent paid @ Rs.112 per sq.ft. by ICICI bank under a lease agreement dated 17.02.2012 for a nearby premises. As against that, the assessee paid rent @ Rs.75.28 per sq.ft., which showed that the rent paid by assessee was less in comparison with the comparable uncontrolled transaction. Thus, the ALP of the Specified Domestic Tranasction of payment of rent could not be disputed.
Income tax act does not specifically define the term gift. The term gift under the act means something that is received without consideration of for inadequate consideration. Section 56 of Income tax Act talks about taxation of gifts. This article will analyse gifts received from different person on different occasion and its tax implication. 1. […]
Learn about the procedure and consequences of raids conducted under the Income Tax Act, 1961 in India.
The Government is always concerned about the country’s exports and therefore, they are pretty keen to pamper the exporter by incentivizing and providing certain privileges to them. On the other hand, it is the utmost duty of the government’s department to curb down the fraudster who pretend to be the exporter and defrauding the revenue […]
Representations and Warranties Insurance and Covid-19 Considerations– A M&A Perspective The Covid-19 has fueled the transaction market, with bold investments in spite of challenges put forth by the global pandemic. Indian deal activity remarkably prospered in certain aspects as India has seen increase of more than 1700 USD million in the year 2020. Also, the […]
Every registered person under GST must maintain all records at his principal place of business as prescribed under Section 35 of the Central Goods and Service Tax Act, 2017 read with Rule 56 of the Central Goods and Service Tax Rule, 2017.
Tax Planning may be described as legal way of reducing of tax liability in a year by investing in different schemes as prescribed by income tax Act. It may also include entering or exiting investment schemes so as to save maximum tax possible within the legal framework. Need For Tax Planning Tax payments are compulsory […]
Karnataka Taxpayers Association has released a Press note and stated that New Income Tax Filing Portal has crashed within an Hour of Launching & till date not repaired. It further states that New Portal is neither user friendly and not properly developed. KTA demanded for Roll back of Old Income Tax Portal, so as to […]
